Lagos Secures €170M for Waterways Development Project

Lagos State has announced a €170 million financing partnership with the European Investment Bank (EIB) to develop sustainable and efficient water transport systems. This partnership, revealed on a Friday in Ikoyi, marks the EIB as the largest funder of the Omi Eko project.

The project aims to improve urban mobility and socio-economic conditions while benefiting the population. It will implement 15 ferry routes along 140 kilometers, linking 25 upgraded ferry terminals across the city and deploying 75 state-of-the-art electric vessels capable of carrying 440 passengers.

Once fully implemented, the project is expected to significantly increase the proportion of waterborne transport in Lagos from the current eight percent to 2032, as outlined in the Lagos State Transport Master Plan. The EIB will finance the construction of new ferry piers, the acquisition of electric vessels, and the development of maintenance facilities.

Lagos State officials, including Mr. Oluwaseun Osiyemi and Special Adviser Olawadamilola Emmanuel, expressed commitment to ensuring the project's success.